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KEY CENTURION NET INCOME FOR 1992 UP FROM PREVIOUS YEAR

 CHARLESTON, W.Va., Feb. 3 /PRNewswire/ -- Key Centurion Bancshares, Inc. (NASDAQ: KEYC), West Virginia's largest bank holding company, has reported operating results for the year end and fourth quarter ending Dec. 31, 1992.
 For the year, net income of $34.1 million reflected an increase of 5.1 percent, compared with 1991 net income of $32.4 million. Earnings per share increased 5.3 percent to $1.40 compared with 1991's $1.33.
 Fourth quarter results included $3.3 million, after tax, in special charges and merger related expenses (incurred to date) in conjunction with the pending affiliation with BANC ONE CORPORATION. Accordingly, quarterly net income totaled $5.3 million, which represents a decline of 42.8 percent compared with net income of $9.3 million in 1991's fourth quarter. Earnings per share decreased 42.1 percent to 22 cents compared with 38 cents in 1991's fourth quarter.
 During the fourth quarter, net interest income increased 14 percent compared with the fourth quarter of 1991 (and increased 3 percent compared with third quarter 1991 net interest income). However, the year-to-year fourth quarter comparisons showed total other expenses (all non-interest related expenses) increased 31 percent, a primary factor in the quarterly net income decline. Moreover, non-interest income in 1991's fourth quarter included $2 million in non-recurring pension settlement gains. Finally, the provision expense for loan losses also rose to $1.9 million, compared with $1.5 million in fourth quarter 1991 (and $1.6 million in the third quarter of 1992).
 Total nonperforming assets and past due loans declined 23 percent to $25.2 million at the quarter's end (a $7.7 million drop) compared with the Dec. 31, 1991 figure. When compared with the Sept. 30, 1992 figure, the decline was 18 percent. Since the allowance for loan losses increased to $25.2 million (in part boosted by Key Centurion's most recently completed merger) the result reflects a 138 percent reserve coverage of the company's total past due loans and nonperforming loans at quarter's end.
 Marshall T. Reynolds, chairman of Key Centurion, said "Clearly, the BANC ONE merger announcement in June 1992 was the year's singular event. Even as we prepared for that upcoming anticipated merger, we still produced substantial earnings in 1992."
 "It is becoming evident, however, that the probability of the originally anticipated first quarter 1993 closing of the BANC ONE merger is diminishing," Reynolds continued. "It now seems more realistic to expect a targeted completion for the merger in the second quarter," he said. "Meanwhile, our people have been diligently preparing Key Centurion to ease quickly and smoothly into the BANC ONE organization."
 Summing up 1992, Key Centurion President and Chief Executive Officer A. Michael Perry, called the year a "watershed time. In the course of the year, we produced record earnings, expanded the company's franchise with yet another completed merger, and announced a merger with BANC ONE. As that eventful year ended, Key Centurion's stock stood at an all-time high price."
 Viewed from that perspective, Perry said the fourth quarter results "can be seen as not truly representative of the company's current normalized earnings power. In fact," Perry concluded, "with net interest income up for the quarter, fourth quarter comparisons would have been good had we not incurred the special charges and merger related expenses."
 Key Centurion currently has bank subsidiaries with 56 offices in West Virginia and Kentucky, operating as Beckley National Bank, Beckley and Oak Hill; The Central National Bank of Buckhannon, Buckhannon; Peoples Bank of Charles Town, Charles Town; Charleston National Bank, Charleston; Union National Bank of West Virginia, Clarksburg; The First Huntington National Bank, Huntington; The Lincoln National Bank of Hamlin, Hamlin; The National Bank of Logan, Logan; Boone National Bank, Madison; The First National Bank of New Martinsville, New Martinsville; First National Bank in Philippi, Philippi; Citizens National of Point Pleasant, Pt. Pleasant; Citizens National Bank of St. Albans, St. Albans; Nicholas County Bank, Summersville; Wayne County Bank, Wayne; Security National Bank & Trust, Wheeling; The National Bank of Commerce of Williamson, Williamson, all in West Virginia and First National Bank of Pikeville in Pikeville, Kentucky.
 KEY CENTURION BANCSHARES, INC. AND SUBSIDIARIES
 Financial Highlights
 (Thousands, except per-share data)
 Three months ended Dec. 31 1992 1991 Pct. Change
 Earnings and dividends:
 Net income $5,323 $9,301 (42.8)
 Net interest income 35,398 31,044 14.0
 Cash dividends on common stock 4,104 4,100 0.1
 Per common share:
 Net income $.22 $.38 (42.1)
 Cash dividends .17 .17 0.0
 Shareholders' equity 13.17 12.34 6.7
 Market price:
 High 22.75 15.00
 Low 19.50 14.25
 Financial ratios:
 Return on average assets (pct.) 0.69 1.22
 Return on average equity (pct.) 6.67 12.54
 Net interest margin (pct.) 5.25 4.76
 Common shares outstanding 24,492,670 24,044,628
 Weighted average shares
 outstanding 24,444,199 24,251,929
 12 months ended Dec. 31 1992 1991 Pct. Change
 Earnings and dividends:
 Net income $34,055 $32,407 5.1
 Net interest income 136,282 119,545 14.0
 Cash dividends on common stock 16,535 15,825 4.5
 Per common share:
 Net income $1.40 $1.33 5.3
 Cash dividends .68 .65 4.6
 Shareholders' equity 13.17 12.34 6.7
 Market price:
 High 22.75 15.50
 Low 14.50 10.00
 Financial ratios:
 Return on average assets (pct.) 1.13 1.12
 Return on average equity (pct.) 11.13 11.10
 Net interest margin (pct.) 5.18 4.76
 Common shares outstanding 24,492,670 24,044,628
 Weighted average shares
 outstanding 24,326,942 24,361,477
 Balance Sheet Data
 (In thousands)
 At Dec. 31 1992 1991 Pct. Change
 Assets $3,159,412 $3,049,354 3.6
 Loans 1,459,549 1,416,486 3.0
 Deposits 2,572,064 2,451,696 4.9
 Shareholders' equity 322,655 296,814 8.7
 -0- 2/3/93
 /CONTACT: Larry A. Stark of Key Centurion, 304-526-4337, or home at 304-529-3624.
 (KEYC)


CO: Key Centurion Bancshares, Inc. ST: West Virginia IN: FIN SU: ERN

CD -- PG005 -- 6778 02/03/93 11:14 EST
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